compound interest mcq pdf Model Questions & Answers, Practice Test for ibps rrb so officer sclae 2 3 single exam 2024
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Compound Interest
A part of Rs. 38,800 is lent out at 6% per six months. The rest of the amount is lent out at 5% per annum after one year. The ratio of interest after 3 years from the time when first amount was lent out is 5 : 4. Find the second part that was lent out at 5%
Answer:(b)
${F × (0.06) × 6}/{(38800 - F) × 0.05 × 2} = 5/4$
where F is the first part.
1.44F = 19400 – 0.5F
F = 19400/1.94 = 10000
Thus, the second part = 38800 – 10000 = 28800
A certain sum of money amounts to Rs. 1680 in 3 years and to Rs. 1800 in 5 years. Find the sum and the rate of interest.
Answer: (c)
A = P + I
So, P remains same in both cases. Only amount of interest is different in two cases because the time period are different.
P + Interest for 5 years = Rs. 1800
and P + Interest for 3 years
= Rs. 1680
On subtraction we get,
Interest for 2 years = Rs. 120
Now, we solve for the case of 3 years.
Interest for 3 years
= Rs. 120 × $3/2$ = Rs. 180
And amount after 3 years
= 1680
Principal (P) = A – I
= (1680 – 180) = 1500.
R = ${100 I}/{PT}$
⇒ R = ${100 × 180}/{1500 × 3}$ ⇒ R = 4%.
Note : Alternatively, we could have solved for 5 years too and got the same answer.
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